Retailers and restaurants have been generally supportive of the Tax Cuts and Jobs Act, but two Congressional drafting errors could severely affect the industries regarding the depreciation of improvement property and the utilization of net operating losses.

The Tax Cuts and Jobs Act is the most substantial U.S. tax legislation in decades, and retailers still have questions about its impact. The legislation is also subject to correction and further confusion, as demonstrated by a group of retailers pushing for changes to a tax law...